Bitcoin permabull and MicroStrategy Inc. Co-Founder Michael Saylor has given up the title of Chief Executive Officer after his software company reported losses of $1.062 billion in its second-quarter earnings.
Michael Saylor Steps Down as CEO of MicroStrategy
In a statement released on Tuesday, August 2nd, Michael Saylor confirmed that he is set to leave his role as CEO of the company he co-founded. The position of CEO will be filled by Phong Le, the current President of MicroStrategy.
Le, confirming the news to shareholders, said: “I look forward to leading the organization for the long-term health and growth of our enterprise software and bitcoin acquisition strategies.”
A major contributor to MicroStrategy‘s $1.062 billion deficit was the $917 million impairment charge based on the value of its Bitcoin holdings, the price of which has plunged more than 65% since its November 2021 all-time high.
Saylor to Focus on Bitcoin
Michael Saylor has been MicroStrategy’s Chief Executive since the company’s inception in 1989. In leaving the role, Saylor announced that he would be taking up the position of Executive Director within the company.
In the statement, Saylor explained that the move would allow him to “focus more on our bitcoin acquisition strategy and related bitcoin advocacy initiatives.”
On the Flipside
- Despite MicroStrategy’s share price falling by more than 48% so far in 2022, due in part to holding over $1.98 billion worth of the ailing Bitcoin, Michael Saylor remains bullish about the asset.
Why You Should Care
Saylor says that MicroStrategy, which primary operates as an enterprise software and cloud-based solution provider, also doubles as the first and only bitcoin spot ETF in the U.S.
For more information about what Michael Saylor had to say about Bitcoin’s Plunge to $20K:
$20K Is an “Ideal Entry Point” for Investors to Buy Bitcoin, Says Michael Saylor
Read about Saylor’s thoughts on Tesla selling its Bitcoin stores:
“Diamond Hands” Michael Saylor Pokes Fun at Elon Musk for Selling 75% of Tesla’s Bitcoin Holdings